Banque Federative Du Credit Mutuel SA (BFCM) (BFCM)

No results found for "".

Banque Federative Du Credit Mutuel SA (BFCM) (BFCM)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	BFCM	Banque Federative Du Credit Mutuel SA (BFCM)	€2,250		2	EMEA	Sep 17, 2026

Tranche #1Banque Federative Du Credit Mutuel SA (BFCM)

currency

EUR

size (m)

1,250.000

maturity

Sep 28, 2030

type

Fixed to Floating

tenor

4.000

call

3.00

registration

Reg S Only

benchmark

Swaps

ranking

Senior Non-Preferred

moody's

s&p

A-

fitch

A+

re-open/tap

ipt

MS+110 area

ipt-pxd

-30

guidance

STL

spread

coupon

4.25%

spread set

price

99.95300

yield

4.267%

book size (m)

5,800

peak book (m)

5,800

x-covered

4.64

book attrition

0.00%

nic

-5

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

5,800

peak book (m)

5,800

x-covered

4.64

book attrition

0.00%

nic

-5

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche #2Banque Federative Du Credit Mutuel SA (BFCM)

currency

EUR

size (m)

1,000.000

maturity

Sep 28, 2034

type

Fixed to Floating

tenor

8.000

call

7.00

registration

Reg S Only

benchmark

Swaps

ranking

Senior Non-Preferred

moody's

s&p

A-

fitch

A+

re-open/tap

ipt

MS+150 area

ipt-pxd

-30

guidance

STL

spread

120

coupon

4.625%

spread set

price

99.72500

yield

4.672%

book size (m)

6,200

peak book (m)

6,400

x-covered

6.2

book attrition

-0.03%

nic

-5

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

6,200

peak book (m)

6,400

x-covered

6.2

book attrition

-0.03%

nic

-5

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 5800; First Pay: 2027-09-28; Redemption: 2029-09-28; Registration: Reg S Only; Comments: DBR0% 08/29 @ 91.22 / B+104.6.Regulatory Call: Yes. LEI: VBHFXSYT7OG62HNT8T76; Book size: 6200; First Pay: 2027-09-28; Redemption: 2033-09-28; Registration: Reg S Only; Comments: DBR2,60% 08/33 @ 95.28 / B+129.4. Regulatory Call: Yes. LEI: VBHFXSYT7OG62HNT8T76;

Deal Comments

Books >EUR5.75bn (excl. JLMs). 4NC3: This deal was upsized from EUR1bn to EUR1.25bn

Relative Value

Senior Non-Preferred
NC3yr (Sep 2029) @ MS+110a
Implied Spread for fresh NC3yr @ MS+85
Priced at MS+80
NIC of -5

Senior Non-Preferred
NC7yr (Sep 2033) @ MS+150a
Implied Spread for fresh NC7yr @ MS+125
Priced at MS+120
NIC of -5

COMPS
ISSUER	ISSUE DATE	RATINGS	COUPON	AMOUNT O/S	MATURITY DATE	CALL DATE	YEARS TO CALL / MATURITY	I-SPREAD (BID)
BFCM	21/01/2026	A3/A-/A+	3,5	1,000	21/07/2033	21/07/2032	5.8	99
BFCM	28/05/2026	A3/A-/A+	4,125	1,250	26/05/2035	26/05/2034	7.7	117
ACAFP	23/07/2024	A3/A-/A+	3,75	750	23/01/2031	23/01/2030	3.4	68
BNP	15/01/2025	Baa1/A-/A+	3,583	1,750	15/01/2031	15/01/2030	3.3	75
SOCGEN	14/05/2025	Baa2/BBB/A-	3,375	1,500	14/05/2030	14/05/2029	2.7	69
CMZB	16/09/2026	Baa1/BBB/-	4,125	750	24/09/2030	24/09/2029	3	68
ACAFP	24/08/2026	A3/A-/A+	3,875	1,000	24/02/2033	24/02/2032	5.4	91
BNP	16/09/2026	Baa1/A-/A+	4,236	1,500	16/09/2032	16/09/2031	5	93

Hide Details

CreditFlow: End of Day (Europe IG)	Sep 17, 2026

Sep 17, 2026

1 to 1 of 1

	PRICED: Banque Fédérative du Crédit Mutuel €2.25bn 4NC3 & 8NC7 SNP FXD/FRN; MS+80bp & MS+120bp	Sep 17, 2026
	ALLOCATIONS OUT: Banque Fédérative du Crédit Mutuel €2.25bn 4NC3 & 8NC7 SNP; MS+80bp & MS+120bp	Sep 17, 2026
	LAUNCHED: Banque Fédérative du Crédit Mutuel €2.25bn 4NC3 & 8NC7 SNP; MS+80bp & MS+120bp	Sep 17, 2026
	UPDATE: Banque Fédérative du Crédit Mutuel € bmk 4NC3 & 8NC7 SNP; Spread set at MS+80bp & MS+120bp	Sep 17, 2026
	UPDATE (BOOKS): Banque Fédérative du Crédit Mutuel € bmk 4NC3 SNP & 8NC7 SNP; MS+110a & MS+150a	Sep 17, 2026
	NEW ISSUE: Banque Fédérative du Crédit Mutuel € bmk 4NC3 SNP & 8NC7 SNP; MS+110a & MS+150a	Sep 17, 2026